- Dogecoin fell under a crucial support level.
- Market sentiment around the memecoin remains bearish.
As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. And right now, the situation with Dogecoin [DOGE] is concerning. The memecoin’s price has been on a downtrend for days, and it recently fell below a crucial support level. CoinMarketCap’s data shows that DOGE dropped by more than 11% in the last week, and its value declined by over 4% in the last 24 hours alone.
Investors in Dogecoin (DOGE) have faced challenges for several days now, as both the weekly and daily charts display a sea of red. The situation may grow more complicated as the meme currency dipped beneath a significant line of defense.
Does this indicate a further price decline in the coming days?
Dogecoin’s newest trouble
As a researcher, I’ve examined the latest data from CoinMarketCap and discovered that the price of the largest memecoin has experienced a significant decrease. Specifically, over the past week, its value has dropped by over 11%. Moreover, within the previous 24 hours, there was an even more pronounced decline of more than 4% in the coin’s worth.
Currently, DOGE is being bought and sold for around $0.119. Its total value in the market exceeds $17.2 billion. At this moment, the meme currency is undergoing a significant test of its key supportive level.
As an analyst, I’d like to share my findings from examining AMBCrypto’s investigation into DOGE‘s metrics. Based on IntoTheBlock’s data, approximately 72% of DOGE investors currently enjoy profits.
However, interstors’ confidence in the coin dwindled.
Based on our examination, the typical Dogecoin investor’s account balance decreased to approximately $2,600 recently, suggesting that these investors anticipated the meme coin’s value would continue falling.
What to expect from DOGE
AMBCrypto then checked the memecoin’s on-chain data to better understand what to expect from them.
Based on our examination of Santiment’s statistics, the MVRV ratio for Dogecoin significantly decreased during the past week. This finding implies a potential bearish trend for Dogecoin.
The Daily Active Address for this memecoin decreased following a surge on June 20th, indicating a drop in its usage.
The memcoin’s feeling tone in the market continued to be more on the negative side than positive, indicating that investors held a predominantly pessimistic view towards the coin.
After considering DOGE‘s current situation, AMBCrypto intended to examine its daily chart for insights on any potential signs or trends indicating how the memecoin might perform in the near future.
Based on our examination of the Chaikin Money Flow (CMF), I’ve noticed that it has declined recently. This signifies a potential continued decrease in price.
The RSI indicator for this memecoin was approaching the oversold threshold, potentially leading to increased demand and a price rise. Additionally, the MACD suggested an imminent bullish signal.
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This meant that there were chances of a trend reversal soon.
As an analyst, I would interpret a potential trend reversal for DOGE in such a way: Should DOGE experience a reversal, it may initially touch the support level of around $0.127. A successful breakout above this price could potentially propel the cryptocurrency towards $0.148 within the upcoming weeks.
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2024-06-24 14:15